Financial Board Sues To Stop New Puerto Rico Pension Plan

Law360 (July 6, 2021, 4:21 PM EDT) -- Puerto Rico's fiscal oversight board has asked a federal judge to overturn a law signed last month creating a new public employee retirement fund for the island, saying the law would overwrite the board's restructuring plan to create a system that is doomed to crash.

In an adversary action filed Friday, the Financial Oversight and Management Board said the act would usurp the board's authority by setting bond repayment terms contrary to those it has already negotiated and create a pension fund that would run out of cash in three decades at the latest.

"The Oversight Board believes these changes mandated...

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